On 30 April 2026 the Bank's fitted curves and GiltIQ's own stored report describe the same market at slightly different terms, and setting the two side by side shows the difference between a fitted spot curve and a quoted yield on one gilt.
What the site's report recorded
The stored report for 30 April 2026 records a day of falling yields. The nearest conventional gilt to two years' maturity was priced at a gross redemption yield of 4.291%, down 9.4 basis points on the previous report; the nearest to thirty years' maturity was 5.711%, down 2.0 basis points. Every conventional gilt the report priced moved the same way — seventy fell and none rose — and the move was larger at the short end than at the long. That shape is the day's own summary, and it is the starting point for reading anything else for this date.
| Nearest to | Reported gross yield | Change since previous report |
| 2 years | 4.291% | −9.4 bp |
| 5 years | 4.375% | −8.8 bp |
| 10 years | 4.949% | −4.4 bp |
| 30 years | 5.711% | −2.0 bp |
The Bank's curves for the same day
The Bank of England publishes, for the same date from its stored feed, a set of fitted spot curves. Its nominal spot curve stood at 4.318% at two years and 5.811% at thirty. Its real spot curve, built from index-linked gilts, stood at 0.609% at five years and 2.342% at thirty. And the inflation spot curve implied by the two stood at 3.863% at five years and 3.470% at thirty. These are curves smoothed through the Bank's own gilt sample, not the quoted yield of any single gilt.
| Term | Real spot | Inflation spot |
| 5 years | 0.609% | 3.863% |
| 10 years | 1.536% | 3.520% |
| 20 years | 2.273% | 3.462% |
| 30 years | 2.342% | 3.470% |
The two points side by side
Set the Bank's nominal spot curve against the site's own report for the same day and the two differ by a little at the short end and by more further out. This comparison is the figure worth holding on to, because both numbers are for 30 April 2026 and both describe the same sovereign borrower, yet they are not the same quantity. The gap is not an error in either; it is what the two measures are.
| Term | Bank nominal spot | Site report yield | Difference |
| 2 years | 4.318% | 4.291% | +2.7 bp |
| 5 years | 4.472% | 4.375% | +9.7 bp |
| 10 years | 5.056% | 4.949% | +10.7 bp |
| 30 years | 5.811% | 5.711% | +10.0 bp |
At two years the two are within about three basis points of each other; from five years out the fitted curve sits roughly ten basis points above the quoted yield. The site's four figures are the reported gross redemption yield of the nearest conventional gilt to each maturity, so each is a statement about one bond. The Bank's figure at the same term is a point on a smooth curve drawn through many gilts, and it can sit away from any single one.
Why a fitted curve and a quoted yield differ
A quoted yield is exact for the gilt it belongs to: it is the gross redemption yield the price implies, paying the bond's own coupons and repayment. A fitted spot curve answers a different question — what a single payment at that maturity would yield today — and it is solved across the whole sample at once, so a gilt that is rich or cheap against its neighbours pulls the curve only slightly and is otherwise smoothed over. That is why the two rarely match point for point, and why the difference is largest where the gilts are least evenly spaced along the curve.
The gilt yield curve page on the site shows the same idea from the site's own report: each priced gilt plotted against a curve fitted to the day's data. The Bank's curve is another fit of the same market with a published method, so a reader who wants to reconcile the two is comparing two estimates of the same underlying set of yields rather than two different markets.
Reading a real yield and implied RPI from the curves
The real spot curve is the useful half for index-linked gilts. A real yield is the return after the inflation the gilt is priced for rather than the cash return, and the Bank's real curve on 30 April 2026 ran from 0.609% at five years to 2.342% at thirty, rising with maturity. Put the nominal and real curves together and the inflation spot curve is what is left: the annual inflation the two together imply at each term. At five years that implied figure was 3.863%, and it eased to 3.470% at thirty.
That implied figure is the same kind of number the site's implied RPI page reports per index-linked gilt, built by combining a nominal and a real yield at the gilt's own term. On this day the site's report recorded an average implied breakeven across thirty-four linkers of 356 basis points, a shortest-dated breakeven of 493 and a longest-dated one of 335. Read beside the Bank's curve, the two agree on the general shape — a high short-dated implied figure falling as maturity lengthens — while differing in the detail for the reason the nominal yields differ.
An implied inflation figure is derived from two prices; it is what the market is charging for, not a forecast of what inflation will be.
Background, not advice
This note reads one day's stored report and the Bank's feed for the same date; it is general background on how a fitted curve and a quoted yield differ, not investment, tax or legal advice for any reader's circumstances. The figures are those the two sources published for 30 April 2026 and say nothing about the next report, and an implied inflation figure is a market price rather than a promise. The primary sources for a real yield or a change remain the day's report and the curve pages that fit it.